How to Send Money from Canada to India in 2026: Cheapest Methods Compared

Sending Money from Canada to India Shouldn't Cost You a Fortune

Every year, Canadian NRIs send billions of dollars back to India — to support family, pay EMIs, invest in property, or top up NRE accounts. And every year, a staggering amount of that money evaporates in fees and exchange rate markups before it ever reaches India.

Here's the uncomfortable truth: on a single CAD 1,000 transfer, your bank could be pocketing CAD 50–80 between fees and hidden exchange rate markups. Over a year of monthly remittances, that adds up to CAD 600–960 lost to your bank's profit margins.

The good news? There are much cheaper options. For most transfers, Wise offers the lowest total cost thanks to its use of the mid-market exchange rate and transparent fees. For very large transfers (above CAD 50,000), a bank wire may make more sense for documentation and compliance reasons.

In this guide, we compare 7 popular methods for sending money from Canada to India, break down the true cost of each, and help you choose the right one for your situation. We use affiliate links for some services, which means we may earn a commission at no extra cost to you — but our analysis and recommendations are based entirely on cost and quality of service.

Quick Comparison: CAD 1,000 Transfer to India

Before we dive into the details, here's how the most popular services stack up when sending CAD 1,000 to India (as of March 2026, using the mid-market rate of approximately 1 CAD = 67.46 INR):

| Service | Fee (CAD) | Exchange Rate Markup | Total Cost (CAD) | Speed | Best For | |---|---|---|---|---|---| | Wise | ~$6.98 | 0% (mid-market rate) | ~$6.98 | Minutes to 1 day | Most transfers | | Remitly | $1.99 (free over $500) | ~0.7% ($7.00) | ~$7.00–$8.99 | Minutes to 3–5 days | Small/urgent transfers | | Western Union | $0–$7.99 | ~3–5% ($30–$50) | ~$30–$58 | Minutes to 3 days | Cash pickup in India | | Bank Wire (Big 5) | $25–$50 | ~3–5% ($30–$50) | ~$55–$100 | 2–5 business days | Large, documented transfers | | ICICI Money2India | $0 | ~1.5–2.5% ($15–$25) | ~$15–$25 | Minutes to 2 days | ICICI account holders | | HDFC RemitNow | ~$10–$15 | ~3–3.5% ($30–$35) | ~$40–$50 | 1–3 business days | HDFC account holders | | Interac e-Transfer | N/A | N/A | N/A | N/A | Domestic only (not for India) |

Key takeaway: Wise and Remitly are the clear winners on cost for a typical CAD 1,000 transfer, saving you CAD 30–90 compared to a bank wire.

How We Calculated the True Cost

Most people compare money transfer services by looking at the upfront fee. That's a mistake. The fee is often the smaller part of what you pay.

The true cost of any international transfer = Transfer Fee + Exchange Rate Markup.

Here's what we mean. The mid-market rate (also called the interbank rate) is the real exchange rate — the one you see on Google or XE.com. As of mid-March 2026, that's approximately 1 CAD = 67.46 INR.

When your bank offers you a rate of, say, 1 CAD = 64.50 INR instead of 67.46 INR, they're pocketing roughly 4.4% on the exchange rate — or about CAD 44 on every CAD 1,000 you send. They do this on top of the CAD 25–50 wire transfer fee they already charged you.

The exchange rate markup is where banks make their real money on international transfers. Throughout this guide, we calculate the total cost by adding the transfer fee to the estimated exchange rate markup, so you can see exactly what each service actually costs.

Wise: The Cheapest Option for Most Transfers

Wise (formerly TransferWise) is our top recommendation for sending money from Canada to India. The reason is straightforward: Wise uses the real mid-market exchange rate with zero markup, and charges a small, transparent fee.

How It Works

You send CAD from your Canadian bank account to Wise. Wise converts it at the mid-market exchange rate and deposits INR directly into any Indian bank account. The money never actually crosses borders — Wise uses local bank networks in both countries, which is why it's so fast and cheap.

Fees

Wise charges a variable fee that depends on how you pay and how much you send. For a CAD 1,000 transfer paid via Interac or direct debit, the fee is approximately CAD 6.98 (about 0.70%). Paying by credit card costs more (around 1.5–2%), so stick with Interac or bank transfer.

Exchange Rate

Mid-market rate with zero markup. This is Wise's biggest advantage. When you see 1 CAD = 67.46 INR on Google, that's the rate you get on Wise. No hidden margins.

Transfer Speed

Wise reports that 74% of CAD-to-INR transfers arrive in under 20 seconds, and 95% within one business day. In practice, most transfers via Interac funding land within a few hours.

Limits

Wise supports transfers up to CAD 1,500,000 per transfer for verified accounts, though limits depend on your verification level and payment method. For most people, the practical limit when paying via Interac is CAD 50,000 per transaction.

Pros and Cons

Pros:

• Lowest total cost for most transfer amounts
• Mid-market exchange rate with no markup
• Extremely fast delivery
• Clean, transparent interface showing exact fees upfront
• Auto-transfer feature for recurring monthly sends

Cons:

• Fees are slightly higher for very small transfers (under CAD 200)
• Credit card payments incur higher fees
• No cash pickup option in India (bank deposit only)

Best For

Regular remittances of CAD 500–50,000. If you send money to India monthly, Wise's combination of low cost, speed, and auto-transfer feature makes it the clear winner.

Remitly: Great for Small and Urgent Transfers

Remitly is a strong runner-up, especially for smaller transfers or when you need money delivered within minutes.

How It Works

Similar to Wise — you send CAD online or through the Remitly app, and INR arrives in the recipient's Indian bank account, UPI, or as cash pickup.

Fees

Remitly charges CAD 1.99 per transfer for Economy delivery (3–5 business days) and CAD 1.99 for Express delivery (minutes). Transfers of CAD 500 or more often qualify for zero fees. First-time users frequently get promotional zero-fee offers.

Exchange Rate

Remitly does not use the mid-market rate. They apply a markup of approximately 0.5–1.0%, depending on the delivery speed and current promotions. For a CAD 1,000 transfer, this translates to roughly CAD 5–10 in hidden exchange rate cost.

Transfer Speed

• Express: Minutes to a few hours (bank deposit or UPI)
• Economy: 3–5 business days

Limits

Up to CAD 30,000 per transfer for fully verified accounts. Daily and monthly limits apply depending on your verification level.

Pros and Cons

Pros:

• Low or zero upfront fees
• Multiple delivery options (bank, UPI, cash pickup)
• Express delivery in minutes
• Good mobile app experience
• Competitive rates on promotional offers

Cons:

• Exchange rate markup means total cost can be higher than Wise
• Rates fluctuate more than Wise's transparent pricing
• Lower transfer limits than Wise

Best For

Emergency same-day transfers, small amounts under CAD 500, and first-time users taking advantage of promotional rates.

Western Union: Convenient for Cash Pickup

Western Union is one of the oldest names in money transfer, with a massive agent network in India. But that convenience comes at a steep cost.

How It Works

You can send money online, via the Western Union app, or at an agent location in Canada. Recipients in India can receive funds via bank deposit or cash pickup at thousands of agent locations.

Fees

Online transfer fees range from CAD 0 to CAD 7.99 depending on the amount, payment method, and delivery option. In-person transfers at agent locations typically cost more (CAD 10–25+).

Exchange Rate

This is where Western Union gets expensive. Their exchange rate markup is typically 3–5% below the mid-market rate, sometimes higher. On a CAD 1,000 transfer, that's CAD 30–50 lost to the exchange rate alone — before fees.

Transfer Speed

• Bank deposit: 1–3 business days
• Cash pickup: Within minutes at agent locations

Limits

Varies by payment and delivery method. Online transfers are typically capped at CAD 2,999 per transaction and CAD 10,000 per month for unverified accounts, with higher limits for verified users.

Pros and Cons

Pros:

• Cash pickup available at thousands of locations in India
• Well-known, trusted brand
• In-person service available in Canada

Cons:

• Exchange rate markup is among the highest
• Total cost significantly more than Wise or Remitly
• Fees vary and can be hard to predict

Best For

Situations where the recipient needs physical cash pickup in India and doesn't have a bank account.

Bank Wire Transfer (Big 5 Canadian Banks)

If you bank with RBC, TD, Scotiabank, BMO, or CIBC, you can send an international wire transfer to India directly from your account. It's familiar and feels secure — but it's almost always the most expensive option.

How It Works

You visit your bank branch or use online banking (if available for international wires) to initiate a SWIFT wire transfer. The money is routed through correspondent banks and arrives in the recipient's Indian bank account.

Fees

Fees vary by bank:

• RBC: CAD 35 (online), CAD 48.50 (in-branch)
• TD: CAD 50
• Scotiabank: CAD 15 (select accounts via app), up to CAD 50 otherwise
• BMO: CAD 30–45
• CIBC: CAD 30–80 depending on amount

The recipient's bank in India may also charge an incoming wire fee of INR 100–500.

Exchange Rate

Here's the real cost. Big 5 banks typically mark up the exchange rate by 2.5–5% above the mid-market rate. On a CAD 1,000 transfer, that's an additional CAD 25–50 hidden in the exchange rate — on top of the wire fee.

Transfer Speed

2–5 business days. International SWIFT transfers involve multiple intermediary banks, each adding processing time.

Limits

Generally no upper limit for wire transfers, making this suitable for very large transfers like property purchases. Your bank may require additional documentation for transfers above CAD 10,000 (FINTRAC reporting) and CAD 25,000+.

Pros and Cons

Pros:

• No upper transfer limit for documented purposes
• Your bank handles compliance and documentation
• Paper trail useful for large transactions (property, investment)
• Familiar process if you prefer in-person banking

Cons:

• Highest total cost of all methods
• Slow (2–5 business days)
• Exchange rate markup is significant and non-transparent
• May require branch visit

Best For

Very large transfers (CAD 50,000+) where you need bank-level documentation, or property-related transactions where a formal bank wire provides a better paper trail.

ICICI Money2India (Canada)

ICICI Bank's Money2India is a popular choice among NRIs who already have an ICICI account in India. The zero-fee structure is appealing, but the exchange rate tells a different story.

How It Works

You register on the Money2India Canada website or app, link your Canadian bank account, and transfer funds directly to any Indian bank account (not just ICICI). Transfers eligible for IMPS processing arrive within minutes.

Fees

Zero transfer fees from Canada. This is one of Money2India's genuine advantages.

Exchange Rate

ICICI sets its own exchange rate daily, which includes a margin of approximately 1.5–2.5% below the mid-market rate. On a CAD 1,000 transfer, that margin costs you roughly CAD 15–25.

Transfer Speed

• IMPS-eligible transfers: Minutes
• NEFT transfers: 1–2 business days

Limits

Minimum CAD 100 per transfer. Maximum limits vary based on verification and are generally competitive for most personal remittances.

Pros and Cons

Pros:

• Zero upfront fees
• Fast delivery for IMPS-eligible transfers
• Direct integration with ICICI accounts
• Can send to any Indian bank, not just ICICI

Cons:

• Exchange rate markup makes it more expensive than it appears
• Rate is not transparent (you need to compare against mid-market yourself)
• Customer support can be limited

Best For

ICICI account holders in India who value the convenience of a familiar banking ecosystem and don't mind paying a moderate exchange rate premium.

HDFC RemitNow

HDFC Bank's RemitNow service targets NRIs who maintain HDFC accounts in India. Like ICICI's offering, the convenience factor is real, but the cost is higher than dedicated transfer services.

How It Works

You initiate transfers through HDFC's RemitNow platform, funding from your Canadian bank account. Funds are deposited into your HDFC account or other Indian bank accounts.

Fees

HDFC charges approximately INR 500 (roughly CAD 10) for transfers up to CAD 500 and INR 1,000 (roughly CAD 20) for larger transfers, plus applicable GST.

Exchange Rate

HDFC applies an exchange rate markup of approximately 3–3.5% below the mid-market rate. On a CAD 1,000 transfer, that's roughly CAD 30–35 lost on the exchange rate.

Transfer Speed

1–3 business days for most transfers. Intermediary bank processing can add additional time.

Limits

Minimum transfer of INR 10,000 (approximately CAD 150). Upper limits depend on your account type and verification status.

Pros and Cons

Pros:

• Direct deposit into HDFC accounts
• Familiar platform for HDFC customers
• Good for NRE/NRO account management

Cons:

• High exchange rate markup
• Additional fee on top of the markup
• Slower than Wise or Remitly
• Less competitive than ICICI Money2India overall

Best For

NRIs who specifically need to fund their HDFC NRE or NRO accounts and value the direct banking integration over cost savings.

Interac e-Transfer: Not Available for India Transfers

A common question we get: "Can I send money to India using Interac e-Transfer?" The short answer is no. Interac e-Transfer is a domestic Canadian payment system and does not support international transfers directly.

However, Interac is extremely useful as a funding method for services like Wise and Remitly. When you pay for your transfer via Interac, you typically get lower fees than paying by credit card or debit card. Both Wise and Remitly accept Interac as a payment method, and we recommend it as the cheapest way to fund your transfers.

Which Method Should You Choose?

The right choice depends on how much you're sending and how urgently it needs to arrive. Here's a simple decision framework:

Sending Less Than CAD 500

Use Wise or Remitly. Both are cheap at this level. Remitly sometimes offers zero fees on first transfers and has competitive promotional rates. Wise's mid-market exchange rate advantage is smaller in absolute terms on low amounts but still wins on percentage terms.

Sending CAD 500–5,000

Wise is the clear winner. At this range, Wise's mid-market rate with a sub-1% fee beats every competitor. You'll typically save CAD 20–60 per transfer compared to banks and CAD 5–15 compared to Remitly.

Sending CAD 5,000–50,000

Wise still wins on cost, but bank wires become more relevant if you need comprehensive documentation (e.g., for property transactions or investments). Wise provides receipts and transfer records, but some Indian institutions may specifically request bank wire documentation.

Sending Over CAD 50,000

Consider a bank wire transfer for amounts above CAD 50,000, especially for property purchases, NRI investments, or situations where both Canadian and Indian institutions require formal banking documentation. The higher cost may be worth the compliance certainty.

Recurring Monthly Transfers

Wise's auto-transfer feature lets you set up recurring monthly transfers at the best available rate. This is ideal for NRIs who send a fixed amount to family every month — set it once and forget it.

Emergency Same-Day Transfers

Remitly Express delivers funds within minutes via bank deposit or UPI. If speed is the priority and you need money to arrive today, Remitly is your best bet.

How to Set Up Your First Transfer with Wise

Ready to start saving? Here's a step-by-step walkthrough for setting up your first CAD-to-INR transfer with Wise:

Step 1: Create Your Wise Account

Visit the Wise website or download the app. Sign up with your email address. Registration takes about two minutes.

Step 2: Verify Your Identity

Wise requires identity verification to comply with Canadian financial regulations. You'll need:

• A valid Canadian government-issued photo ID (passport, driver's licence, or PR card)
• Proof of address (bank statement or utility bill showing your Canadian address)

Verification is usually completed within a few hours, though it can take up to two business days.

Step 3: Enter Your Recipient's Indian Bank Details

You'll need your recipient's:

• Full name (as it appears on their bank account)
• Bank account number
• IFSC code (you can look this up on the Wise platform by entering the bank name and branch)
• Account type (savings or current)

Step 4: Choose Your Payment Method

Select Interac e-Transfer as your payment method — it's the cheapest option and typically the fastest way to fund your transfer from a Canadian bank account. Avoid credit card payments, which add a 1–2% surcharge.

Step 5: Review and Send

Wise shows you the exact amount your recipient will receive in INR, the fee you're paying in CAD, and the exchange rate — all on one screen. No surprises. Confirm the transfer, complete the Interac payment, and you're done.

Most transfers arrive in your recipient's Indian bank account within a few hours. You'll get a notification when the money is delivered.

NRE vs NRO: Which Account Should You Send To?

If you're sending money to your own accounts in India, understanding the difference between NRE and NRO accounts is critical:

NRE (Non-Resident External) Account:

• Designed for parking your foreign earnings in India
• Funds are fully repatriable (you can send money back to Canada freely)
• Interest earned is tax-free in India
• Maintained in INR, but funded from foreign currency

NRO (Non-Resident Ordinary) Account:

• Designed for managing India-sourced income (rental income, pensions, dividends)
• Repatriation is limited to USD 1 million per financial year (with documentation)
• Interest earned is taxable in India
• Can receive both foreign and domestic deposits

For most remittances from Canada, you should send to your NRE account. This ensures the money remains freely repatriable and the interest is tax-free. Use your NRO account only for India-sourced income.

Tax Implications of Sending Money from Canada to India

One of the most common worries NRIs have: "Will I be taxed on money I send to India?" Here's the straightforward answer:

No Tax on Sending Money

Money you send from Canada to India is not taxable in either country. You're transferring your own after-tax income. There's no gift tax in Canada, and India does not tax inbound remittances from NRIs (though the recipient's tax situation may differ if they aren't a close relative — check India's gift tax rules under Section 56(2) of the Income Tax Act).

FINTRAC Reporting (CAD 10,000+)

Under Canadian law, financial institutions must report international electronic funds transfers of CAD 10,000 or more to FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This is an automatic reporting requirement — you don't need to do anything, and it doesn't mean you're being investigated. It's routine anti-money-laundering compliance.

T1135 Foreign Income Verification (CAD 100,000+ in Foreign Assets)

If the total cost of your foreign property (including Indian bank accounts, real estate, and investments) exceeds CAD 100,000 at any point during the year, you must file Form T1135 with your Canadian tax return. This is a reporting requirement, not a tax — but failing to file carries significant penalties.

Key Takeaway

Sending money isn't taxed, but large amounts trigger reporting requirements. Keep records of all transfers, and if your Indian assets exceed CAD 100,000, make sure your accountant files T1135 with your annual return.

Tips to Save More on Every Transfer

Even after choosing a low-cost service like Wise, there are ways to squeeze out additional savings:

1. Always Use the Mid-Market Rate

Services like Wise give you the real mid-market exchange rate. If a service doesn't explicitly state they use the mid-market rate, assume they're adding a markup. Always compare the offered rate against Google or XE.com before confirming.

2. Send Larger Amounts Less Frequently

Transfer fees often have a fixed component, so sending CAD 3,000 once costs less than sending CAD 1,000 three times. If you're sending money monthly for family expenses, consider consolidating into quarterly transfers if your family's cash flow allows it.

3. Pay Via Bank Transfer or Interac, Not Credit Card

Credit card payments typically add 1.5–3% to your transfer cost. Interac e-Transfer and direct bank debits are almost always the cheapest funding methods.

4. Time Your Transfers When the Rate Is Favorable

The CAD/INR rate fluctuates daily. While timing the market perfectly is impossible, you can set up rate alerts on Wise or XE.com to notify you when the rate hits a level you're happy with. If the rate swings even 1%, that's an extra INR 674 on a CAD 1,000 transfer.

5. Set Up Auto-Transfers for Recurring Sends

If you send money to India regularly, Wise's auto-transfer feature eliminates the hassle of manually initiating each transfer. You set the amount, frequency, and recipient — Wise handles the rest at the best available rate.

Frequently Asked Questions

What is the cheapest way to send money from Canada to India?

Wise is the cheapest way to send money from Canada to India for most transfer amounts. Wise charges a fee of approximately 0.7% and uses the real mid-market exchange rate with no markup. For a CAD 1,000 transfer, you'd pay about CAD 6.98 total — compared to CAD 55–100 with a Big 5 Canadian bank wire transfer.

How long does a money transfer from Canada to India take?

Transfer speed depends on the service. Wise delivers most transfers within minutes to one business day. Remitly Express arrives within minutes. Bank wire transfers take 2–5 business days. ICICI Money2India IMPS-eligible transfers arrive within minutes, while NEFT transfers take 1–2 business days.

Is there a limit on how much money I can send from Canada to India?

There is no legal limit on how much money you can send from Canada to India, as long as the funds are from legitimate sources. However, individual services have their own limits: Wise allows up to CAD 1,500,000 per transfer for verified accounts, Remitly caps at CAD 30,000, and banks generally have no upper limit. Transfers of CAD 10,000 or more are automatically reported to FINTRAC.

Do I need to pay tax on money sent from Canada to India?

No, you do not pay tax on money you send from Canada to India. You are transferring your own after-tax income, so there is no additional tax in Canada or India. However, if your total foreign assets (including Indian bank accounts and property) exceed CAD 100,000, you must file Form T1135 with your Canadian tax return.

What is the best exchange rate for CAD to INR?

The best exchange rate for CAD to INR is the mid-market rate (also called the interbank rate), which you can check on Google or XE.com. As of March 2026, it is approximately 1 CAD = 67.46 INR. Wise is the only major transfer service that consistently offers the mid-market rate with no markup. Banks and other services typically mark up the rate by 1.5–5%.

Can I send money from Canada to India using Interac?

You cannot send money directly to India via Interac e-Transfer, as Interac is a domestic Canadian payment system. However, you can use Interac as a funding method to pay for international transfers on services like Wise and Remitly. Paying via Interac is typically the cheapest way to fund your transfer.

What documents do I need to send money to India from Canada?

For most online transfer services, you need a valid Canadian government-issued photo ID (passport, driver's licence, or PR card), proof of your Canadian address, and your recipient's Indian bank account details (account number and IFSC code). For bank wire transfers, your bank may request additional documentation for large amounts, including the purpose of the transfer.

Final Thoughts

Sending money from Canada to India doesn't need to be expensive or complicated. For the vast majority of transfers, Wise offers the best combination of low cost, fast delivery, and transparency. It's the service we use ourselves and recommend to anyone who asks.

If you've been using your bank for international wires, switching to Wise could save you hundreds — or even thousands — of dollars per year. The five minutes it takes to set up an account will pay for itself on your very first transfer.